CONVALO HEALTH INTERNATIONAL CORP (CVE:CXV) a leading entity in the United States addiction recovery marketplace updated that it has restructured its Board and enhanced senior management team.
Effective immediately, Chris Heath has been promoted to CEO and has been selected to Convalo board. Edward John Allera will act as Chairman of the Board. David Costine will take the role of a non-Executive Director, retiring as an administrator and decision maker for the firm. Several other consultants and senior executives have terminated their services at the demand of the new management team.
Mr. Allera reported that he is delighted to commence the new fiscal year with fresh leadership. Both he and Heath are focused on improving operations quickly. They believe their new team can get Convalo back to the rapid growth business. At the same time, Heath reported that he is grateful for this opportunity to get fresh energy to Convalo.
He is in a position to infuse changes and refocus operations on profit generation and revenue growth and he intends to do that quickly. Heath is closing a strategic assessment of the business and intend to share that along with other improvements made, with the company’s shareholders shortly.
Heath further added that he has honed his team in the previous few weeks and lowered corporate overhead in this process. He wants to thank the last team for getting them to where they stand today and bid them luck in their upcoming undertakings.
As part of the recent management change, Convalo anticipates more options will be open in the employee option pool as some options will expire in the coming 90 days as they were issued to consultants and employees who are no longer associated with the firm and the options are well out of the funds. The firm’s board released 500,000 options to Heath with a strike rate at $0.085.